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Qatar Investment Authority (QIA), the sovereign wealth fund of the gas-rich Gulf emirate, is in talks to invest $200 million in residential property in India, a source with direct knowledge of the matter told Reuters.

QIA is holding “conversations” with Kotak Realty Fund, run by Kotak Mahindra Bank LtdBSE 0.12 %, which would manage the investments on behalf of the Middle Eastern fund, the source said, declining to be named as the deal has not been finalised.

Kotak would also make a small investment, and plans to focus on residential property developments in major cities across Asia’s third-largest economy for QIA, the source added.